Traditional hiring methods take 45 days on average to hire a new employee at an average cost of $1,500 — $5000 per hire depending on the type of position. With more applicants per positions this time and cost can expand quickly. Additionally, the cost of hiring the wrong candidate can soar to over 5 times the annual salary of the hire, according to recent research by SHRM . Finding ways to optimize your hiring process, cut cost, save time and improve overall applicant quality are essential, especially if you want to recruit and hire the best candidates.
Arguably the most expensive of the hiring process is the initial screening of candidates. It’s estimated that this stage represents 50% of the entire recruiting cost. Unfortunately, this is also the lease effective part of the hiring process, leading to costly bad hires. Automated, asynchronous (one—way) video interviewing has become the new tool recruiters are turning to for optimizing the recruiting process and in particular the screening stage. Here are the basics of how one-way video interviews work:
- Prepare your questions
- Send e-mail invitations to your candidates
- Your candidates record their automated video interview
- Screen your candidate videos anytime, anywhere
- Select top candidates for next round of interviewing
With just a few clicks, the lengthy resume review and phone screen process is reduces dramatically, with benefits extending to all parties involved: recruiters, hiring managers, and candidates.
BENEFITS FOR RECRUITERS :
- Candidate Quality — Giving your candidates an opportunity to record a video interview helps you get to top, in—demand talent and much faster — it’s a chance for more candidates as it eliminates timing and geographical constraint and makes it more convenient for passive candidates. Video interviewing also helps reduce causal job seekers or “mass appliers”, as candidate who are not truly interested will simply not record a video. Additionally, candidates have no advance notice of the questions so answers are given spontaneously, giving you a better sense of their personality and fit, than you would be able to gauge from reviewing a resume or candidate profile.
- Productivity — The typical phone screen takes about 30 minutes. Most recruiters can typically determine whether a candidate is a good fit in 90 secs. Imagine the time you can save by simply clicking play and even skipping directly to the questions you find most important/valuable.
- Convenience — Using a video interviewing platform like Video Recruit, allows recruiters to easily send applicants personalized and branded email invitations to record a video interview. The videos can be reviewed whenever and wherever you want, eliminating scheduling headaches. Video interviews can also be reviewed by hiring managers that have been given access, as well as others involved in the hiring process, without the wasted time of coordinating calendars.
BENEFITS FOR HIRING MANAGERS :
- Increased Engagement — Hiring managers can add specific questions that they will use to make their final decision, before they even meet the candidate.
- Lower time investment — Hiring managers can review videos are their own convenience and refer back to them if they need to, given their busy schedules. Videos can also be pre—screened by recruiters and the best can be shared with just one click.
BENEFITS FOR CANDIDATES :
- A Chance to Stand Out — Candidates are able to interview on their own time in an environment that is comfortable for them, allowing them to be more at ease, prepared and able to put their best foot forward.
- Reduce Chances of Bias — Candidates for a given position get a fair chance as the interview takes place in a fully automated environment, asking the same questions to all, thus eliminating situational biases. This environment gives an opportunity to the recruiters/hiring managers to compare many candidates within a shorter window of time, thus not having to rely on memory about who said what 2 — 3 days ago.
By using video interviewing in conjunction with an applicant tracking, you’ll definitely be on your way to finding and hiring the best candidates, while reducing the time and cost spent doing so. HiringThing is here to help with our video interviewing platform, Video Recruit. Video interviewing is now seamlessly integrated within our platform, giving our recruiters and hiring managers one place to go for posting jobs online, organizing and interviewing applicants, and hiring great employees.
Give video interviewing a test-drive. For a limited-time, get your first 5 video interviews free. Log-in now to claim your offer.
HiringThing is easy to use, intuitive online recruiting software that makes it easy to post jobs online, manage applicants and hire great employees.